The 16-18 Bank Account gives you the freedom to manage your money, your way - together with a highly competitive 3% AER / 2.96% gross (variable) (see note 1) interest rate on amounts in your account up to £500. Just pay in at least £50 each month to qualify for this rate. We also give you a Visa Electron card. And you can use online banking, telephone banking or any of our branches to manage your account. This rate increases to 5% for our Youth Plus Account (see Note 2).
|
|
Age |
In credit interest rate up to £500 |
|
Abbey |
16 to 18 |
3% AER (see Note 1)/5% AER (see note 2) |
|
Barclays |
16 to 19 |
0.10% AER |
|
Halifax |
16 to 17 |
1.51% AER |
|
HSBC |
11 to 17 |
0% AER |
|
Lloyds TSB |
11 to 18 |
2.50% AER |
|
Nationwide |
16 or over |
0% AER |
|
Natwest |
11 to 18 |
1.50% AER |
Source: Lender's websites. Correct as of 5 May 2009.
Note 1 2.96% gross/ 3% AER. To be eligible for this rate you must pay at least £50 into your account at least once a month and not hold an existing Abbey Bank Account. Where the monthly credit requirement is not met the in credit rate will be 0.1% gross/0.1% AER.
Rates correct as at 1 April 2009
Note 2 4.89% gross/ 5% AER. To be eligible for this rate you must pay at least £50 into your account at least once a month and your guardian must have a primary Abbey Bank Account. Customers must not hold an existing Youth Bank Account. Where the monthly credit requirement is not met the in credit rate will be 0.1% gross/0.1% AER.
AER stands for Annual Equivalent Rate and shows what the interest would be if we paid interest and added it each year. The gross rate is the rate payable before income tax deduction. Rates may change and we pay interest each month.
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